5 August 2009
AXA ASIA PACIFIC HOLDINGS LIMITED
Results, new business and funds flow for the 6 months ended 30 June 2009
AXA Asia Pacific Holdings (AXA APH) today announced its financial results, new business and funds
flow for the 6 months ended 30 June 2009.
Chief Executive Officer Andrew Penn said:
“The last 18 months has seen the most remarkable and unprecedented combination of falls in
investment markets, extreme volatility and impacts on the broader economy leading to extensive
responses from Governments, policymakers and industry.
“From its peak in November 2007 the Australian stock market (as measured by the ASX 200) fell 54
percent to its low point on 6 March 2009. The significance of the market falls can be seen in the
reduction in average funds under management across the industry. This has had a material impact on
revenues for all players.
“Our business model, with its inherent product and geographic diversification has served us well.
Whilst all markets have been affected by the global financial crisis the economies in Asia, from where
we derive approximately two thirds of our earnings, are faring better than in many OECD countries.
Our financial protection and traditional life business has grown as consumers have become more risk
averse. We also continue to benefit from being part of a strong global group.
“The benefits of our diversification are reflected in our half year results. Whilst understandably some of
the performance is lower than the same period in 2008, when one considers the severity of the market
downturn these are strong results.
“We also ended the period with a strong capital position as demonstrated by total assets in excess of
our regulatory capital requirements of $1.45 billion and a gearing ratio of 30 percent well below our
target range of 40-50 percent.”
Group Operating Earnings for the 6 months ended 30 June 2009 were down 13 percent on the
comparative period to $255.5 million (2008 – $295.0 millio